660 UNIT APARTMENT COMMUNITY IN ARLINGTON TX
660 UNIT APARTMENT COMMUNITY
IN ARLINGTON TX
TREMENDOUS PROVEN UPSIDE !
Location: 2508 Forest Point Drive, Arlington, TX
Purchase Price: $87.9M + 3%
Total Units: 660 Total Square Feet: 555,426 Year Built/Renovated: 1984 Average Unit Size: 842 SF Lot Size; 29.1 Acres LARGE, INSTITUTIONAL QUALITY CLASS B COMMUNITY IN THRIVING ARLINGTON, TEXAS Hudson Apartments presents investors with an excellent opportunity to acquire one of the largest assets in Arlington, Texas with tremendous proven upside. The 660-unit community offers 14 unique one, two, and three bedroom floor plans and boasts a large average unit size of 842 square feet. Residents enjoy direct highway access along the heavily traversed SH-360; just 2.5 miles north of the I-30 interchange which accommodates more than 300,000 vehicles per day. This irreplaceable location allows a short commute to the top employment hubs in the area such as Dallas CBD, Fort Worth CBD, Arlington Entertainment District, Great Southwest Industrial Park, and DFW International Airport.
The community offers a best-in-class amenity package highlighted by multiple resort-style swimming pools, two tennis courts, renovated fitness center, business center, dog park, picnic area with grilling station, courtyard and residence clubhouse. With this acquisition, a new owner would instantly gain a strong market share in one of the healthiest metros in the nation.
SIGNIFICANT UPSIDE POTENTIAL WITH 30% FIRST GENERATION UNITS TOTAL POTENTIAL RENT UPSIDE
The Hudson has undergone an extensive interior, exterior and amenity overhaul during the current ownership period. Notable improvements include 464 upgraded units complete with stainless steel appliances, quartz countertops, subway tile backsplash, shower wall ceramics, new paint, lighting fixtures and new flooring. The remaining 196 units are classic interior finish with white appliances, laminate countertops, original cabinetry and carpeted flooring. This allows new ownership the opportunity to continue the renovation program in place at Hudson to capitalize on current rent discrepancies. In addition to the interior renovation program, ownership has spent significant capital improving tenant amenities and curbside appeal at the property. Some of the largest improvements include a newly repaved parking lot, updated signage, new landscaping, exterior lighting and painting, renovated leasing office and an upgraded pool area. In total, exterior and amenity upgrades total over $1.8 million under this ownership.
Competing communities in the area have successfully implemented premier upgrade packages similar to Hudson’s upgraded units and are receiving significantly higher premiums. Current rents at Hudson are $1,044 per unit or $1.23 per square foot, while the market supports rents of $1,215 per unit or $1.44 per square foot. Based on Hudson’s unit mix, effective rent is $170 per unit below market. By completing the formal interior renovation program and increasing rents to present day averages, new ownership can increase revenues by over $1,300,000 annually. Additional revenue generating opportunities include installing washer dryer equipment into units (all 660 include connections) and implementing reserved/covered parking spaces for monthly fees. Current ownership also implemented 75 fenced yards to first floor units, with opportunity to add additional yards and capitalize on premiums.
THIS ASSET IS TOTALLY OFF THE MARKET MUST STAY OFF MARKET
PLEASE DO NOT LET THIS GO VIRAL THIS ASSET IS DELIVERABLE WHILE IT IS AVAILABLE THIS IS A PRE-DUE DILIGENCE AND NOT A FORMAL DUE DILIGENCE PACKAGE. ONCE THE BUYER AND THE SELLER EXECUTE THE PURCHASE AND SALE AGREEMENT AND THE BUYER OPENS THE CONTRACTED ESCROW TRUST ACCOUNT WITH THEIR EARNEST MONEY DEPOSIT, THE SELLER WILL PROVIDE THE BUYER WITH THE P&Ls, VENDOR CONTRACTS AND ANY AND ALL FORMAL DUE DILIGENCE INFORMATION AND DOCUMENTATION AVAILABLE TO BE ABLE TO CLOSE ESCROW. ADDITIONAL INFORMATION IS AVAILABLE TO QUALIFIED BUYERS ONLY! Buyers are advised to do their own independent due diligence and research before commuting with the purchase FOR FINANCING OPTIONS PLEASE Email email@example.com NOTE: - Price is firm and not negotiable. PLEASE! NO TRANSACTIONAL FUNDING. REQUIRED - FOR FINANCIALS OR TO MAKE AN OFFER: 1. SIGNED NDA 2. LETTER OF INTENT 3. POF (BANK OR FUND STATEMENT)....NO EXCEPTION